Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Hyperliquid+0.047%7-day average +0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$900.897% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.213%+$21 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now +0.047%, 7d avg +0.013%

Together, before fees+0.239%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.034% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid NOT	0.0005060	0.0100	pay 0.0013% / 1h	19m 25s	$370K	$50K	3x
Short	Binance NOTUSDT	0.0005062	0.0100	get 0.0050% / 4h	2h 19m	$2.1M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee BinancebpOrdersPrice spread, now +0.047%Rate

Funding earned: $0
Price spread: +0.047% → +0.013%: $3.45
Slippage, 4 orders: −$70.74
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$86.3
Costs to cover: 0.897%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 64 min ago; Binance: live order book, 16 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 64 min ago	9.89 bp	19.2 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	1.98 bp	18.8 bp −$19	85.4 bp −$854	doesn't fit	doesn't fit

NOT on 16 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.676%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0093%	4h	0.0005052	−0.158%	$111K	$17K	50x	as long as short
Variational Omni NOT	+0.0096%	4h	0.0005049	−0.213%	$66K	$34K	—	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005073	+0.255%	$11K	$5K	3x	as long as short
Hyperliquid NOTlong	+0.0100%	1h	0.0005060	long leg	$370K	$50K	3x
Aster NOTUSDT	+0.0100%	4h	0.0005062	+0.040%	$14K	$9K	5x	as long as short
Binance NOTUSDTshort	+0.0100%	4h	0.0005062	+0.047%	$2.1M	$3.0M	50x
Bybit NOTUSDT	+0.0100%	4h	0.0005059	−0.020%	$2.1M	$801K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005061	+0.020%	$613K	$580K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005056	−0.079%	$140K	$77K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005062	+0.040%	$1.3M	$491K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005060	0.000%	$492K	$119K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005063	+0.059%	$665K	$382K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005060	0.000%	—	$721K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005062	+0.035%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7054%	1h	0.0005093	+0.657%	$49K	$9K	10x	as long as short